The charity's research, called the Caring & Family Finances Inquiry, found carers are struggling to cope with loss of income, savings and benefits alongside rising everyday food, fuel and care related bills.

Key findings were that almost half, 47 per cent, are in debt as a result of caring. A fifth are relying on overdrafts or credit cards to make ends meet, while a third are said to be more than £20,000 worse off as a result of caring.

Some 44 per cent admitted to cutting back on essentials like food, while 59 per cent of carers are in fuel poverty, the research found.

One in 10 carers said their savings had been drained by basic bills and everyday living costs and more than 170,000 people were found to have given up work to care at some point.

The charity claimed that government cuts to support are leaving carers across the UK facing a £1 billion cut.

Carers Scotland is calling for "urgent reform" of financial help for carers. It wants the UK and Scottish Governments to make a commitment that future policy will not leave carers worse off, by implementing a "carer" test for future benefits and social care proposals.

According to the charity, the main carers' benefit, carer's allowance, is £59.75 a week for a minimum of 35 hours caring - equivalent to £1.67 an hour. It is not available to those who earn more than £100 per week or to those in receipt of the basic state pension.

Mr Hodgson said: "Caring is often a dual blow, with household incomes hit by reduced earnings and bills rising as a result of the extra costs of ill health or disability. With an ageing population, more of us will care for loved ones - yet a blizzard of cuts to social care and benefits mean there is less and less support available. This is unacceptable and unsustainable.

"This country's carers are being badly let down. Unless Governments act to stop the cuts to support for carers there is the risk families will be pushed to breaking point and left unable to care for their own."

A Department for Work and Pensions (DWP) spokeswoman said: "We recognise that carers provide an invaluable service to people in some of the most vulnerable circumstances in our communities. That's why we're spending around £2 billion this year on carer's allowance, and even more in the future.

"Universal credit will ensure that those carers on low incomes receive the support they need by allowing them to keep more of their own money as they move into work. It will also give carers more flexibility if they need to take a break.

"The greater simplicity of universal credit will also help substantially increase the take-up of currently unclaimed benefits, especially among those at the lower end of the income distribution."

The UK Government said it has also taken action to help families with the cost of living, including freezing fuel duty and increasing the tax-free personal allowance to £10,000.

It argues that, through universal credit, overall around 300,000 households in Scotland will be better off by an average of £166 per month.

A Scottish Government spokesman said: "Being a full-time carer for a loved one can be a difficult and isolating experience at times and we must ensure that carers receive the support they deserve.

"Despite Westminster's programme of welfare cuts, we are doing all we can, with our limited powers, to alleviate the burden of poverty. This includes providing an additional £9.2 million to the Scottish Welfare Fund.

"This allows us to award 5,600 Community Care Grants and more than 100,000 Crisis Grants in this financial year, as well as allocating £74 million in 2013/14 to tackle fuel poverty and supporting the Scottish Living Wage. In addition, we have committed over £112 million to support carers and young carers between 2007 and 2015.

"However, only an independent Scotland would have full control of the welfare system in order to protect our most vulnerable."